UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549




FORM
10-Q




[X]
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
quarterly period ended September 30,
2008





OR





[  ]
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
transition period from _________ to _________





Commission
File number:    000-53043





Man-AHL Diversified I
  L.P.(Exact
      name of registrant as specified in
charter)





Delaware
                06-1496634(State
      or other jurisdiction of incorporation or organization)
                (IRS
      Employer Identification
No.)





c/o
      Man Investments (USA) Corp.
                  123
      North Wacker Drive
                  28th
      Floor
                  Chicago, Illinois
                60606(Address
      of principal executive offices)
                (Zip
      Code)





(312)
881-6800


(Registrant’s
telephone number, including area code)





Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.





Yes
      [X]
            No
      [  ]





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting
company.  See definitions of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.  (Check one):




Large
      Accelerated Filer [  ]
            Accelerated
      Filer   [  ]Non-Accelerated
      Filer   [  ]
            Smaller
      reporting company  [X]





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).




Yes
      [X]
            No
      [  ]























PART I - FINANCIAL
INFORMATION








ITEM
1.         Financial
Statements




Man-AHL
Diversified I L.P.


Financial
Statements





STATEMENTS
OF FINANCIAL CONDITION (a)


STATEMENTS
OF OPERATIONS (b)


STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (c)


STATEMENTS
OF CASH FLOWS (b)


NOTES TO
THE FINANCIAL STATEMENTS (UNAUDITED)





(a)
            At
      September 30, 2008 (unaudited) and December 31, 2007(b)
            For
      the three months ended September 30, 2008 and 2007 (unaudited) and for the
      nine months ended September 30, 2008 and 2007
  (unaudited)(c)
            For
      the nine months ended September 30, 2008 and 2007
    (unaudited)












2








MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF FINANCIAL CONDITION








September 30, 2008
                  
                  
                  December 31, 2007(unaudited)ASSETSCASH
      AND CASH EQUIVALENTS
                  
                  $
                  10,849,260
                  
                  
                  $
                  4,225,671INVESTMENT
      IN MAN-AHL DIVERSIFIED TRADING COMPANY L.P.
                  
                  
                  162,662,751
                  
                  
                  
                  59,555,095DUE
      FROM MAN-AI-IL DIVERSIFIED TRADING COMPANY L.P.
                  
                  
                  776,765
                  
                  
                  
                  889,224OTHER
      ASSETS
                  
                  
                  295
                  
                  
                  
                  771TOTAL
                  
                  $
                  174,289,071
                  
                  
                  $
                  64,670,761LIABILITIES
      AND PARTNERS’ CAPITALLIABILITIES:Redemptions
      payable
                  
                  $
                  90,315
                  
                  
                  $
                  605,316Subscriptions
      received in advance
                  
                  
                  10,849,260
                  
                  
                  
                  4,225,671Management
      fees payable
                  
                  
                  408,415
                  
                  
                  
                  150,779Incentive
      fees payable
                  
                  
                  -
                  
                  
                  
                  -Servicing
      fees payable
                  
                  
                  204,208
                  
                  
                  
                  -Brokerage
      commissions payable
                  
                  
                  17,743
                  
                  
                  
                  67,505Accrued
      expenses
                  
                  
                  56,084
                  
                  
                  
                  66,100Total
      liabilities
                  
                  $
                  11,626,025
                  
                  
                  $
                  5,115,371PARTNERS’
      CAPITAL:General
      Partner - Class A (186 unit equivalents outstanding at September 30, 2008
      and December 31, 2007, respectively)
                  
                  
                  566,575
                  
                  
                  
                  539,353Limited
      Partners - Class A (47,607 and 20,393 units outstanding at September 30,
      2008 and December 31, 2007, respectively)
                  
                  
                  144,725,137
                  
                  
                  
                  59,016,037Limited
      Partners - Class B (5,714 units outstanding at September 30,
      2008)
                  
                  
                  17,371,334
                  
                  
                  
                  -Total
      partners’ capital
                  
                  
                  162,663,046
                  
                  
                  
                  59,555,390TOTAL
                  
                  $
                  174,289,071
                  
                  
                  $
                  64,670,761NET
      ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS
      A
                  
                  $
                  3,039.99
                  
                  
                  $
                  2,893.93NET
      ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS
      B
                  
                  $
                  3,040.03
                  
                  
                  $
                  -








See
accompanying notes and attached financial statements of Man-AHL Diversified
Trading Company L.P.










3










MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)


STATEMENTS OF OPERATIONS (UNAUDITED)





For
      the three months ended September 30, 2008
                
                
                For
      the three months ended September 30, 2007
                
                
                For
      the nine months ended September 30, 2008
                
                
                For
      the nine months ended September 30, 2007NET
      INVESTMENT INCOMEALLOCATED
      FROM MAN-AHLDIVERSIFIED
      TRADING COMPANY L.P. -Interest
      income
                
                $
                800,286
                
                
                $
                503,011
                
                
                $
                1,889,067
                
                
                $
                1,254,332PARTNERSHIP
      EXPENSES:Brokerage
      commissions
                
                
                246,259
                
                
                
                349,809
                
                
                
                871,073
                
                
                
                1,003,776Management
      fees
                
                
                1,127,974
                
                
                
                373,575
                
                
                
                2,544,812
                
                
                
                946,939Incentive
      fees
                
                
                -
                
                
                
                50,017
                
                
                
                3,211,277
                
                
                
                791,963Servicing
      Fees
                
                
                393,316
                
                
                
                -
                
                
                
                393,316
                
                
                
                -Other
      expenses
                
                
                102,079
                
                
                
                26,372
                
                
                
                226,774
                
                
                
                57,597Total
      expenses
                
                
                1,869,628
                
                
                
                799,773
                
                
                
                7,247,252
                
                
                
                2,800,275Net
      investment loss
                
                
                (1,069,342
                )
                
                
                (296,762
                )
                
                
                (5,358,185
                )
                
                
                (1,545,943
                )REALIZED
      AND UNREALIZED GAINS(LOSSES)
      ON TRADING ACTIVITIESALLOCATED
      FROM MAN-AHLDIVERSIFIED
      TRADING COMPANY L.P.:Net
      realized trading gains (losses)on
      closed contracts
                
                
                (17,023,338
                )
                
                
                (560,725
                )
                
                
                1,702,887
                
                
                
                3,741,411Net
      change in unrealized trading gainson
      open contracts
                
                
                2,221,737
                
                
                
                1,057,557
                
                
                
                654,958
                
                
                
                1,121,652Net
      gains (losses) on trading activitiesfrom
      Man-AHL DiversifiedTrading
      Company L.P.
                
                
                (14,801,601
                )
                
                
                496,832
                
                
                
                2,357,845
                
                
                
                4,863,063NET
      INCOME (LOSS)
                
                $
                (15,870,943
                )
                
                $
                200,070
                
                
                $
                (3,000,340
                )
                
                $
                3,317,120NET
      INCOME (LOSS) PER UNIT OFPARTNERSHIP
      INTEREST - CLASS A
                
                $
                (350.92
                )
                
                $
                2.57
                
                
                $
                146.06
                
                
                $
                189.22NET
      LOSS PER UNIT OFPARTNERSHIP
      INTEREST - CLASS B
                
                $
                (350.88
                )
                
                $
                -
                
                
                $
                (350.88
                )
                
                $
                -





See
accompanying notes and attached financial statements


of
Man-AHL Diversified Trading Company L.P.









4










MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (UNAUDITED)





FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007


CLASS
      A
              
              
              CLASS
      B
              
              
              TOTALLimited
                  Partners
              
              
              General
                  Partner
              
              
              Limited
                  PartnersAmount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              UnitsPARTNERS’
      CAPITAL—
                December
      31, 2006
              
              $
              28,997,055
              
              
              
              11,346
              
              
              $
              476,310
              
              
              
              186
              
              
              $
              -
              
              
              
              -
              
              
              $
              29,473,365
              
              
              
              11,532Subscriptions
              
              
              22,783,159
              
              
              
              8,827
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              22,783,159
              
              
              
              8,827Redemptions
              
              
              (3,560,563
              )
              
              
              (1,410
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (3,560,563
              )
              
              
              (1,410
              )Net
      income
              
              
              3,281,855
              
              
              
              -
              
              
              
              35,265
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              3,317,120
              
              
              
              -PARTNERS’
      CAPITAL—
                September
      30, 2007
              
              $
              51,501,506
              
              
              
              18,763
              
              
              $
              511,575
              
              
              
              186
              
              
              $
              -
              
              
              
              -
              
              
              $
              52,013,081
              
              
              
              18,949PARTNERS’
      CAPITAL —
                December
      31, 2007
              
              $
              59,016,037
              
              
              
              20,393
              
              
              $
              539,353
              
              
              
              186
              
              
              $
              -
              
              
              
              -
              
              
              $
              59,555,390
              
              
              
              20,579Subscriptions
              
              
              96,803,500
              
              
              
              30,116
              
              
              
              -
              
              
              
              -
              
              
              
              18,699,654
              
              
              
              5,724
              
              
              
              115,503,154
              
              
              
              35,840Redemptions
              
              
              (9,365,158
              )
              
              
              (2,902
              )
              
              
              -
              
              
              
              -
              
              
              
              (30,000
              )
              
              
              (10
              )
              
              
              (9,395,158
              )
              
              
              (2,912
              )Net
      income (loss)
              
              
              (1,729,242
              )
              
              
              -
              
              
              
              27,222
              
              
              
              -
              
              
              
              (1,298,320
              )
              
              
              -
              
              
              
              (3,000,340
              )
              
              
              -PARTNERS’
      CAPITAL —
                September
      30, 2008
              
              $
              144,725,137
              
              
              
              47,607
              
              
              $
              566,575
              
              
              
              186
              
              
              $
              17,371,334
              
              
              
              5,714
              
              
              $
              162,663,046
              
              
              
              53,507


See
accompanying notes and attached financial statements


of
Man-AHL Diversified Trading Company L.P.










5








MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF CASH FLOWS (UNAUDITED)





For
      the three
                  months
      ended September 30, 2008
              
              
              For
      the three
                  months
      ended September 30, 2007
              
              
              For
      the nine
                  months
      ended September 30, 2008
              
              
              For
      the nine
                  months
      ended September 30, 2007CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      income (loss)
              
              $
              (15,870,943
              )
              
              $
              200,070
              
              
              $
              (3,000,340
              )
              
              $
              3,317,120Adjustments
      to reconcile net income (loss) to net cash used in operating
      activities:Purchases
      of investment in Man-AHL Diversified Trading Company L.P.
              
              
              (59,135,553
              )
              
              
              (8.444,840
              )
              
              
              (112,845,991
              )
              
              
              (22,783,161
              )Sales
      of investment in Man-AHL Diversified Trading Company L.P.
              
              
              5,262,636
              
              
              
              1,440,232
              
              
              
              14,097,706
              
              
              
              5,583,029Net
      change in appreciation (depreciation) of investment in
    Man-AHLDiversified
      Trading Company L.P.
              
              
              14,001,315
              
              
              
              (999,843
              )
              
              
              (4,246,912
              )
              
              
              (6,117,395
              )Changes
      in assets and liabilities:Other
      assets
              
              
              -
              
              
              
              340
              
              
              
              476
              
              
              
              -Management
      fees payable
              
              
              99,758
              
              
              
              20,058
              
              
              
              257,636
              
              
              
              58,295Incentive
      fees payable
              
              
              (434,529
              )
              
              
              (330,743
              )
              
              
              -
              
              
              
              50,017Servicing
      fees payable
              
              
              204,208
              
              
              
              -
              
              
              
              204,208
              
              
              
              -Brokerage
      commissions payable
              
              
              (2,928
              )
              
              
              (31,938
              )
              
              
              (49,762
              )
              
              
              (2,885
              )Accrued
      expenses
              
              
              (28,469
              )
              
              
              27,764
              
              
              
              (10,016
              )
              
              
              6,947Net
      cash used in operating activities
              
              
              (55,904,505
              )
              
              
              (8,118,900
              )
              
              
              (105,592,995
              )
              
              
              (19,888,033
              )CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from subscriptions
              
              
              44,859,610
              
              
              
              4,968,300
              
              
              
              119,469,579
              
              
              
              22,261,527Payments
      on redemptions
              
              
              (3,231,047
              )
              
              
              (310,750
              )
              
              
              (7,252,997
              )
              
              
              (2,890,676
              )Net
      cash provided by financing activities
              
              
              41,628,563
              
              
              
              4,657,550
              
              
              
              112,216,582
              
              
              
              19,370,851NET
      INCREASE (DECREASE) IN CASH
              
              
              (14,275,942
              )
              
              
              (3,461,350
              )
              
              
              6,623,587
              
              
              
              (517,182
              )CASH
      AND CASH EQUIVALENTSBeginning
      of Period
              
              
              25,125,202
              
              
              
              4,656,800
              
              
              
              4,225,671
              
              
              
              1,712,632CASH
      AND CASH EQUIVALENTSEnd
      of Period
              
              $
              10,849,260
              
              
              $
              1,195,450
              
              
              $
              10,849,258
              
              
              $
              1,195,450SUPLEMENTAL
      DISCLOSURE OF NON-CASH TRANSACTIONS:Non-cash
      contributions of partners’ capital
              
              $
              236,966
              
              
              $
              -
              
              
              $
              2,657,162
              
              
              $
              -Non-cash
      redemptions of partners’ capital
              
              $
              (236,966
              )
              
              $
              -
              
              
              $
              (2,657,162
              )
              
              $
              -








See
accompanying notes and attached financial statements
 of
Man-AHL Diversified Trading Company L.P.








6








Notes Notes to Financial Statements
(unaudited)





The
accompanying unaudited financial statements, in the opinion of management,
include all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of Man-AHL Diversified I L.P’s (a Delaware
Limited Partnership) (the “Partnership”) financial condition at September 30,
2008 and the results of its operations for the three months ended September 30,
2008 and 2007 and nine months ended September 30, 2008 and
2007.  These financial statements present the results of interim
periods and do not include all the disclosures normally provided in annual
financial statements.  It is suggested that these financial statements
be read in conjunction with the audited financial statements and notes included
in the Partnership’s annual report and registration statement on Form 10 filed
with the Securities and Exchange Commission on January 28, 2008 and amended
March 26, 2008.  The December 31, 2007 information has been derived
from the audited financial statements as of December 31, 2007.








1.
            ORGANIZATION
      OF THE PARTNERSHIP




Man-AHL
Diversified I L.P. (a Delaware Limited Partnership) (the “Partnership”) was
organized in September 1997 under the Delaware Revised Uniform Limited
Partnership Act and commenced operations on April 3, 1998, for the purpose of
engaging in the speculative trading of futures and forward contracts. The
Partnership is a “feeder” fund in a “master-feeder” structure whereby the
Partnership invests substantially all of its assets in Man-AHL Diversified
Trading Company L.P. (the “Trading Company”). Man-AHL (USA) Corp., a Delaware
corporation, was the general partner and trading advisor of the Partnership and
the Trading Company until April 1, 2005, when it transferred its trading
advisory business to its affiliate, Man-AHL (USA) Ltd. (the “Advisor”), a United
Kingdom company, and its commodity pool operations to its affiliate, Man
Investments (USA) Corp. (the “General Partner”), a Delaware corporation and a
registered investment adviser under the Investment Advisers Act of 1940. Man
Investments Holdings Limited, a United Kingdom holding company that is part of
Man Group plc, a United Kingdom public limited company, is the sole shareholder
of the Advisor, and Man Investments Holdings Inc., a Delaware corporation that
is part of Man Group plc, is the sole shareholder of the General
Partner.




Effective
July 1, 2008, the Partnership issued a new share class, Class
B.  Class B was created solely for retirement plan investors. The fee
structure is identical to Class A.




The
Partnership’s interests are distributed through the Partnership or other selling
agents, including Man Investments Inc. (“MII”), an affiliate of the Advisor and
General Partner. MII is a registered broker-dealer and a member of the Financial
Industry Regulatory Authority (FINRA).




On
January 28, 2008, the Partnership filed a registration statement with the
Securities and Exchange Commission to allow over 500 investors in the
Partnership.









2.
            SIGNIFICANT
      ACCOUNTING POLICIES




The
Partnership prepares its financial statements in conformity with accounting
principles generally accepted in the United States of America. The following is
a summary of the significant accounting and reporting policies used in preparing
the financial statements.




Investment in Man-AHL Diversified
Trading Company L.P. — The Partnership’s investment in the Trading
Company is valued at fair value at the Partnership’s proportionate interest in
the net assets of the Trading Company. Investment transactions are recorded on a
trade date basis. The performance of the Partnership is directly affected by the
performance of the Trading Company. Attached are the financial statements of the
Trading Company, which are an integral part of these financial
statements.  Valuation of investments held by the Trading Company is
discussed in the notes to the Trading Company’s financial
statements.








7








The
Partnership can redeem any or all of its limited partnership interests in the
Trading Company at any month-end at the net asset value per unit of the Trading
Company. At September 30, 2008 and 2007, the Partnership owned 17,371 and 7,621
Class A units, respectively, of the Trading Company.  The Partnership
also owned 2,077 Class B units at September 30, 2008. The Partnership’s
aggregate ownership percentage of the Trading Company (both Class A and B units)
at September 30, 2008 and 2007, was 39.83% and 21.97%,
respectively.




Cash and Cash Equivalents —
Cash and cash equivalents include cash and short-term interest bearing money
market instruments with original maturities of 90 days or less, held with
JPMorgan Chase, N.A.




Brokerage Commissions Expense
— Brokerage commission expense on futures and forward contracts traded in the
Trading Company is recognized on a half-turn basis in the period in which the
contracts are opened or closed.




Income Taxes — Income taxes
are not provided for by the Partnership because taxable income or loss of the
Partnership is includable in the income tax returns of the individual
partners.




Net Income (Loss) Per Unit —
Net income (loss) per unit of Class A or Class B partnership interest is equal
to the change in net asset value per unit of the respective classes, from the
beginning of the period to the end of the period. Unit amounts are rounded to
whole numbers for financial statement presentation.




Subscriptions Received in
Advance — Subscriptions received in advance are comprised of cash
received prior to the statement of financial condition date for which units were
issued on the first day of the following month. Subscriptions received in
advance do not participate in the earnings of the Partnership until the related
units are issued.




Use of Estimates — The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires the General Partner to make estimates and
assumptions that affect the reported amounts of assets and liabilities (and
disclosure of contingent assets and liabilities) at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.









3.
            LIMITED
      PARTNERSHIP AGREEMENT




The
General Partner and each limited partner share in the profits and losses of the
Partnership in proportion to the number of units or unit equivalents held by
each partner. However, no limited partner is liable for obligations of the
Partnership in excess of its capital subscription and net profits or losses, if
any.




The
Partnership’s units are continuously offered as of the first business day of
each month at net asset value, as defined in the limited partnership agreement
(the “Agreement”). Limited partners may redeem any or all of their units as of
the end of any month at net asset value per unit on 10 days prior written notice
to the General Partner. The Partnership will be dissolved on December 31,
2037, or upon the occurrence of certain events, as specified in the
Agreement.




The
General Partner is required to make and maintain a general partner investment in
the Partnership in an aggregate amount equal to the lesser of 1.01 % of the net
aggregate capital subscriptions of all partners, or $500,000.




Distributions
(other than redemptions of units), if any, are made on a pro rata basis at the
sole discretion of the General Partner.




Under the
terms of the Agreement, the Partnership is liable for all costs associated with
executing its business strategy.  These costs include, but are not
limited to expenses associated with the execution of the Partnership’s
investments strategy, such as, brokerage commissions, management and incentive
fees and other operating expenses, such as legal, audit, and tax return
preparation fees.












8











4.
            EXPENSES




The
Advisor earns a monthly management fee in an amount equal to 0.1667% (2%
annually) of the Partnership’s month-end net asset value, as defined in the
Agreement.




The
Advisor also earns a monthly incentive fee equal to 20% of any Net New
Appreciation, as defined in the Agreement, achieved by the Partnership. The
incentive fee is retained by the Advisor even if subsequent losses are incurred;
however, no subsequent incentive fees will be paid to the Advisor until any such
trading losses are recouped by the Partnership.




The
General Partner earns a monthly General Partner fee in an amount equal to
0.0833% (1% annually) of the Partnership’s month-end net asset value, as defined
in the Agreement. The General Partner fee is included in management fees in the
statements of operations.




The
Partnership pays a monthly servicing fee to the placement agent in an amount
equal to 0.1250% (1.5% annually) of the Partnership’s month-end net asset value,
as defined in the supplement to the Agreement, dated July 15,
2008.  MII serves as the placement agent for the
Partnership.









5.
            DERIVATIVE
      FINANCIAL INSTRUMENTS




The
Partnership’s operating activities involve trading, indirectly through its
investment in the Trading Company, in derivative financial instruments that
involve varying degrees of market and credit risk. With respect to the
Partnership’s investment in the Trading Company, the Partnership has limited
liability, and, therefore, its maximum exposure to either market or credit loss
is limited to the carrying value of its investment in the Trading Company, as
set forth in the statements of financial condition.




The
Trading Company utilizes MF Global, Inc. (“MFG”), formerly known as Man
Financial Inc. (Man) and Credit Suisse to clear its futures
business.  The Trading Company utilizes Royal Bank of Scotland (“RBS”)
to clear its forward business.





6.
            FINANCIAL
      GUARANTEES




The
Partnership enters into administrative and other professional service contracts
that contain a variety of indemnifications. The Partnership’s maximum exposure
under these arrangements is not known; however, the Partnership has not had
prior claims or losses pursuant to these contracts and expects the risk of loss
to be remote.







7.
            FAIR
      VALUE MEASUREMENTS





Effective
January 1, 2008, the Partnership has adopted the provisions of the Statement of
Financial Accounting Standard No. 157 (“SFAS 157”), Fair Value
Measurements.  SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements.  The adoption of SFAS 157 had no impact on the net
assets of the Partnership.





The
Partnership segregates its investments into three levels based upon the inputs
used to derive the fair value.  “Level 1” investments use inputs from
unadjusted quoted prices from active markets.  “Level 2” investments
reflect inputs other than quoted prices, but use observable market
data.  “Level 3” investments are valued using unobservable
inputs.  These unobservable inputs for “Level 3” investments reflect
the Partnership’s assumption about the assumptions market participants would use
in pricing the investments.  As of September 30, 2008, all of the
Partnership’s investments are “Level 3”. Net appreciation from the Partnership’s
“Level 3” investments was $4,246,912, reflected in the statement of operations
as income allocated from Man-AHL Diversified Trading Company L.P.










9







The
following is a reconciliation of the investments in which significant
unobservable inputs (Level 3) were used in determining fair value.





Beginning
      Balance
                        31-Dec-07
                    
                    
                    Net
      Realized Gains From Investment In Trading Company
                    
                    
                    Net
      Unrealized Gains From Investment In Trading Company
                    
                    
                    Purchases
                    
                    
                    Sales
                    
                    
                    Net
      Transfers In and/or Out of Level 3
                    
                    
                    Ending
                        Balance
                        30-Sep-08Investment
      in Man-AHL Diversified Trading Company L.P.
                    
                    $
                    59,555,095
                    
                    
                    $
                    3,591,954
                    
                    
                    $
                    654,958
                    
                    
                    $
                    112,845,991
                    
                    
                    $
                    (13,985,247
                    )
                    
                    
                    -
                    
                    
                    $
                    162,662,751Beginning
      Balance
                        30-Jun-08
                    
                    
                    Net
      Realized Losses From Investment In Trading
    Company
                    
                    
                    Net
      Unrealized Gains From Investment In Trading Company
                    
                    
                    Purchases
                    
                    
                    Sales
                    
                    
                    Net
      Transfers In and/or Out of Level 3
                    
                    
                    Ending
                        Balance
                        30-Sep-08Investment
      in Man-AHL Diversified Trading Company L.P.
                    
                    $
                    120,904,873
                    
                    
                    $
                    (16,233,052
                    )
                    
                    $
                    2,221,737
                    
                    
                    $
                    59,135,553
                    
                    
                    $
                    (3,376,360
                    )
                    
                    
                    -
                    
                    
                    $
                    162,662,751





Valuation
of the above position are discussed in Note 2 of these financial
statements.











8.
            RECENT
      ACCOUNTING PRONOUNCEMENTS




Statement
of Financial Accounting Standards No. 161(“SFAS 161”),Disclosures about Derivative
Instruments and Hedging Activitieswas issued on March 19,
2008.  SFAS 161 expands the disclosures required by Statement of
Financial Accounting Standards No. 133, Accounting for Derivatives and
Hedging Activitiesabout an entity’s derivative instruments and hedging
activities.  SFAS 161 is effective for fiscal years and interim
periods beginning after November 15, 2008. The Partnership is currently
evaluating the provisions of SFAS 161 and their impact on the Partnership’s
financial statements.









10







Man-AHL
Diversified Trading Company L.P.


Financial
Statements





STATEMENTS
OF FINANCIAL CONDITION (a)


STATEMENTS
OF OPERATIONS (b)


STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (c)


STATEMENTS
OF CASH FLOWS (b)


NOTES TO
THE FINANCIAL STATEMENTS (UNAUDITED)





(a)
            At
      September 30, 2008 (unaudited) and December 31, 2007(b)
            For
      the three months ended September 30, 2008 and 2007 (unaudited) and for the
      nine months ended September 30, 2008 and 2007
  (unaudited)(c)
            For
      the nine months ended September 30, 2008 and 2007
    (unaudited)








11









MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF FINANCIAL CONDITION





September
      30, 2008 (unaudited)
                
                
                December 31. 2007ASSETSEquity
      in commodity futures and forwards trading accounts:Net
      unrealized trading gains on open futures contracts
                
                $
                8,740,852
                
                
                $
                5,247,868Net
      unrealized trading gains on open forward contracts
                
                
                389,088
                
                
                
                2,411,929Due
      from brokers
                
                
                19,955,577
                
                
                
                96,297,51329,085,517
                
                
                
                103,957,310Cash
      and cash equivalents
                
                
                388,192,080
                
                
                
                158,733,582Interest
      receivable
                
                
                117,742
                
                
                
                148,527TOTAL
                
                $
                417,395,339
                
                
                $
                262,839,419LIABILITIES
      AND PARTNERS’ CAPITALLIABILITIES
      — Redemptions payable
                
                $
                8,986,258
                
                
                $
                2,629,598PARTNERS’
      CAPITAL:General
      Partner
                
                
                -
                
                
                
                -Limited
      Partners (48,830 and 35,195 units outstanding atSeptember
      30, 2008 and December 31, 2007, respectively)
                
                
                408,409,081
                
                
                
                260,209,821Total
      partners’ capital
                
                
                408,409,081
                
                
                
                260,209,821TOTAL
                
                $
                417,395,339
                
                
                $
                262,839,419NET
      ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST
                
                $
                8,363.95
                
                
                $
                7,393.28





See notes
to financial statements.











12









MAN-AHL
DIVERSIFIED I L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF OPERATIONS (UNAUDITED)








For
      the three
                  months
      ended September 30, 2008
              
              
              For
      the three
                  months
      ended September 30, 2007
              
              
              For
      the nine
                  months
      ended September 30, 2008
              
              
              For
      the nine
                  months
      ended September 30, 2007NET
      INVESTMENT INCOME:Interest
      income
              
              $
              2,153,038
              
              
              $
              2,339,752
              
              
              $
              6,127,240
              
              
              $
              6,638,279NET
      REALIZED AND UNREALIZEDGAINS
      (LOSSES) ON TRADING ACTIVITIES:Net
      realized trading gains (losses) on closed contracts
              
              
              (46,407,097
              )
              
              
              (2,433,764
              )
              
              
              22,584,505
              
              
              
              21,063,917Net
      change in unrealized trading gains on open contracts
              
              
              4,927,794
              
              
              
              4,138,274
              
              
              
              1,470,143
              
              
              
              3,637,158NET
      GAIN (LOSS) ON TRADING ACTIVITIES
              
              
              (41,479,303
              )
              
              
              1,704,510
              
              
              
              24,054,648
              
              
              
              24,701,075NET
      INCOME (LOSS)
              
              $
              (39,326,265
              )
              
              $
              4,044,262
              
              
              $
              30,181,888
              
              
              $
              31,339,354NET
      INCOME (LOSS) FOR A UNIT OF PARTNERSHIP INTEREST
              
              $
              (850.67
              )
              
              $
              114.95
              
              
              $
              970.67
              
              
              $
              881.46








See notes
to financial statements.








13









MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (UNAUDITED)


FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007








Limited
      Partners
              
              
              General
      Partner
              
              
              TotalPARTNERS’
      CAPITAL — December 31, 2006
              
              $
              203,710,443
              
              
              $
              -
              
              
              $
              203,710,443Issuance
      of 7,385 units of limited partnership interest
              
              
              45,831,607
              
              
              
              -
              
              
              
              45,831,607Redemption
      of 6,972 units of limited partnership interest
              
              
              (44,138,671
              )
              
              
              -
              
              
              
              (44,138,671
              )Net
      income
              
              
              31,339,354
              
              
              
              -
              
              
              
              31,339,354PARTNERS’
      CAPITAL — September 30, 2007
              
              $
              236,742,733
              
              
              $
              -
              
              
              $
              236,742,733PARTNERS’
      CAPITAL — December 31, 2007
              
              $
              260,209,821
              
              
              $
              -
              
              
              $
              260,209,821Issuance
      of 22,386 units of limited partnership interest
              
              
              193,375,224
              
              
              
              -
              
              
              
              193,375,224Redemption
      of 8,751 units of limited partnership interest
              
              
              (75,357,852
              )
              
              
              -
              
              
              
              (75,357,852
              )Net
      income
              
              
              30,181,888
              
              
              
              -
              
              
              
              30,181,888PARTNERS’
      CAPITAL — September 30, 2008
              
              $
              408,409,081
              
              
              $
              -
              
              
              $
              408,409,081





See notes
to financial statements.








14









MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.


(A
Delaware Limited Partnership)





STATEMENTS
OF CASH FLOWS (UNAUDITED)





For
      the three
                  months
      ended September 30, 2008
              
              
              For
      the three
                  months
      ended September 30, 2007
              
              
              For
      the nine
                  months
      ended September 30, 2008
              
              
              For
      the nine
                  months
      ended September 30, 2007CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      income (loss)
              
              $
              (39,326,265
              )
              
              $
              4,044,262
              
              
              $
              30,181,888
              
              
              $
              31,339,354Adjustments
      to reconcile net income net cash provided by (used in) operating
      activities:Net
      change in unrealized trading gains on open contracts
              
              
              (4,927,794
              )
              
              
              (4,138,274
              )
              
              
              (1,470,143
              )
              
              
              (3,637,158
              )Changes
      in assets and liabilities:Due
      from brokers
              
              
              21,779,392
              
              
              
              2,926,779
              
              
              
              76,341,936
              
              
              
              (24,303,524
              )Accounts
      receivable
              
              
              -
              
              
              
              895,458
              
              
              
              -
              
              
              
              -Interest
      receivable
              
              
              (33,230
              )
              
              
              (10,981
              )
              
              
              30,785
              
              
              
              (113,294
              )Net
      cash provided by (used in) operating activities
              
              
              (22,507,897
              )
              
              
              3,717,244
              
              
              
              105,084,466
              
              
              
              3,285,378CASH
      FLOWS FROM FINANCINGACTIVITIES:Proceeds
      from subscriptions
              
              
              91,725,306
              
              
              
              16,465,747
              
              
              
              193,375,224
              
              
              
              45,831,607Payments
      on redemptions
              
              
              (17,839,339
              )
              
              
              (18,175,401
              )
              
              
              (69,001,192
              )
              
              
              (43,129,039
              )Net
      cash provided by (used in) financing activities
              
              
              73,885,967
              
              
              
              (1,709,654
              )
              
              
              124,374,032
              
              
              
              2,702,568NET
      INCREASE IN CASH AND CASH EQUIVALENTS
              
              
              51,378,070
              
              
              
              2,007,590
              
              
              
              229,458,498
              
              
              
              5,987,946CASH
      AND CASH EQUIVALENTSBeginning
      of period
              
              
              336,814,010
              
              
              
              154,898,821
              
              
              
              158,733,582
              
              
              
              150,918,465CASH
      AND CASH EQUIVALENTSEnd
      of period
              
              $
              388,192,080
              
              
              $
              156,906,411
              
              
              $
              388,192,080
              
              
              $
              156,906,411





See notes
to financial statements.









15










Notes
to Financial Statements (unaudited)




The
accompanying unaudited financial statements, in the opinion of management,
include all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of Man-AHL Diversified Trading Company L.P.’s
(a Delaware Limited Partnership) (the “Partnership”) financial condition at
September 30, 2008 and the results of its operations for the three months ended
September 30, 2008 and 2007 and nine months ended September 30, 2008 and
2007.  These financial statements present the results of interim
periods and do not include all the disclosures normally provided in annual
financial statements. It is suggested that these financial statements be read in
conjunction with the audited financial statements and notes included in the
Partnership’s annual report on Form 10 filed with the Securities and Exchange
Commission for the year ended December 31, 2007.  The December 31,
2007 information has been derived from the audited financial statements as of
December 31, 2007.







1.
            ORGANIZATION
      OF THE PARTNERSHIP




Man-AHL
Diversified Trading Company L.P. (a Delaware Limited Partnership) (the
“Partnership”) was organized in November 1997 under the Delaware Revised
Uniform Limited Partnership Act and commenced operations on April 3, 1998,
for the purpose of engaging in the speculative trading of futures and forward
contracts. Man Investments (USA) Corp. (the “General Partner”), a Delaware
corporation and a registered investment adviser under the Investment Advisers
Act of 1940, serves as the Partnership’s general partner. The General Partner is
a subsidiary of Man Group plc, a United Kingdom public limited company that is
listed on the London Stock Exchange. The General Partner oversees the operations
and management of the Partnership. The General Partner is registered with the
Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator and
commodity trading adviser and is a member of the National Futures Association
(“NFA”).




The
Partnership was formed to serve as a trading vehicle for certain limited
partnerships sponsored by the General Partner in a “master-feeder” structure.
The limited partners, Man-AHL Diversified I L.P., Man-AHL Diversified II L.P.,
and Man-AHL Diversified L.P., are limited partnerships whose general partner is
the General Partner.




Man-AHL
(USA) Ltd. (the “Advisor”), a limited liability company incorporated in the
United Kingdom, acts as trading advisor to the Partnership. The Advisor is an
affiliate of the General Partner and a subsidiary of Man Group plc. The Advisor
is registered with the CFTC as a commodity pool operator and commodity trading
advisor, and is a member of the NFA, in addition to registration with the
Financial Services Authority in the United Kingdom.







2.
            SIGNIFICANT
      ACCOUNTING POLICIES





The
Partnership prepares its financial statements in conformity with accounting
principles generally accepted in the United States of America. The following is
a summary of the significant accounting and reporting policies used in preparing
the financial statements.





Due From Brokers — Due from
brokers consists of balances due from MF Global, Inc. (“MFG”), formerly known as
Man Financial Inc. (Man), Credit Suisse, and Royal Bank of Scotland (“RBS”). In
general, the brokers pay the Partnership interest monthly, based on agreed upon
rates, on the Partnership’s average daily balance.





MFG,
Credit Suisse and RBS are registered with the CFTC as futures commission
merchants and are members of the NFA.




Derivative Contracts — In the
normal course of business, the Partnership enters into derivative contracts
(derivatives) for trading purposes. Derivatives include futures and forward
contracts. The Partnership records its derivative activities at fair value.
Futures contracts which are traded on a national exchange are valued at the
close price as of the valuation day, or if no sale occurred on such








16









day, at
the close price on the most recent date on which a sale
occurred.  Forward contracts, which are not traded on a national
exchange, are valued at fair value using current market quotations provided by
brokers.




Income Recognition — Realized
and unrealized trading gains and losses on futures and forward contracts, which
represent the difference between cost and selling price or fair value, are
recognized currently in the statements of operations. All trading activities are
accounted for on a trade-date basis. Interest income is recorded on an accrual
basis.




Foreign Currency Translation
— Assets, liabilities, gains, and losses denominated in foreign currencies are
translated at exchange rates at the date of valuation. The resulting net
realized and unrealized foreign exchange gains and losses are recorded in net
realized and unrealized gains (losses) on trading activities in the statements
of operations.




Cash and Cash Equivalents —
Cash and cash equivalents include cash and short-term interest bearing money
market instruments with original maturities of 90 days or less, held with
JPMorgan Chase, N.A.




Income Taxes — Income taxes
are not provided for by the Partnership because taxable income or loss of the
Partnership is includable in the income tax returns of the
partners.




Net Income (Loss) Per Unit —
Net income (loss) per unit of partnership interest is equal to the change in net
asset value per unit from the beginning of the period to the end of the period.
Unit amounts are rounded to whole numbers for financial statement
presentation.




Use of Estimates — The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires the General Partner
to make estimates and assumptions that affect the reported amounts of assets and
liabilities (and disclosure of contingent assets and liabilities) at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.









3.
            ADVISORY
      AGREEMENT AND PARTNERSHIP AGREEMENT




The
Advisor is the sole trading advisor to the Partnership.




The
General Partner and limited partners share in the profits and losses of the
Partnership in proportion to the number of units or unit equivalents held by
each partner. However, no limited partner is liable for obligations of the
Partnership in excess of its capital contribution and net profits or losses, if
any. The General Partner owned no direct interest in the Partnership during the
nine month periods ended September 30, 2008 and 2007.




Distributions
(other than redemption of units), if any, are made on a pro rata basis at the
sole discretion of the General Partner.




The
Partnership incurs no expenses. The limited partners are responsible for
expenses incurred in connection with the Partnership’s activities. These
expenses include, but are not limited to, all costs relating to trading
activity, such as brokerage commissions, management and incentive fees,
continuing offering expenses and legal, audit, and tax return preparation
fees.




Partner
contributions occur as of the first day of any month at the opening net asset
value.  Limited partners may redeem any or all of their units as of
the end of any month at net asset value per unit on 10 days prior written
notice to the General Partner. The General Partner may suspend redemptions of
units of the Partnership’s investments that are illiquid only if the
Partnership’s ability to withdraw capital from any investment is restricted. The
Partnership will be dissolved on December 31, 2037, or upon the occurrence
of certain events, as specified in the limited partnership agreement (the
“Agreement”).








17









4.
            DERIVATIVE
      FINANCIAL INSTRUMENTS




The
Partnership trades derivative financial instruments that involve varying degrees
of market and credit risk. Market risks may arise from unfavorable changes in
interest rates, foreign exchange rates, or the fair values of the instruments
underlying the contracts. All contracts are stated at fair value, and changes in
those values are reflected in the change in net unrealized trading gains
(losses) on open contracts in the statements of operations.




Credit
risk arises from the potential inability of counterparties to perform in
accordance with the terms of the contract. The credit risk from counterparty
nonperformance associated with these instruments is the net unrealized gain, if
any, included in the statements of financial condition. Forward contracts are
entered into on an arm’s-length basis with RBS.  For exchange-traded
contracts, the clearing organization functions as the counterparty of specific
transactions and, therefore, bears the risk of delivery to and from
counterparties to specific positions, which mitigates the credit risk of these
instruments.  At September 30, 2008 and December 31, 2007 estimated
credit risk with regard to forward contracts was $389,088 and $2,411,929,
respectively.




The
Partnership trades in exchange-traded futures contracts on various underlying
commodities, foreign currencies, and financial instruments, as well as forward
contracts on foreign currencies.  Fair values of futures and forward
contracts are reflected net by counterparty or clearing broker in the statements
of financial condition.




The
Partnership’s funds held by, and cleared through, MFG, Credit Suisse and RBS are
required to be held in segregated accounts under rules of the CFTC. These funds
are used to meet minimum margin requirements for all of the Partnership’s open
futures positions as set by the exchange where each contract is traded. These
requirements are adjusted, as needed, due to daily fluctuations in the values of
the underlying positions. Certain positions may be liquidated, if necessary, to
satisfy resulting changes in margin requirements.









5.
            FINANCIAL
      GUARANTEES




The
Partnership enters into administrative and other professional service contracts
that contain a variety of indemnifications. The Partnership’s maximum exposure
under these arrangements is not known; however, the Partnership has not had
prior claims or losses pursuant to these contracts and expects the risk of loss
to be remote.







6.
            FAIR
      VALUE MEASUREMENTS





Effective
January 1, 2008, the Partnership has adopted the provisions of the Statement of
Financial Accounting Standard No. 157 (“SFAS 157”), Fair Value
Measurements.  SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements.  The adoption of SFAS 157 had no impact on the net
assets of the Partnership.





The
Partnership segregates its investments into three levels based upon the inputs
used to derive the fair value.  “Level 1” investments use inputs from
unadjusted quoted prices from active markets.  “Level 2” investments
reflect inputs other than quoted prices, but use observable market
data.  “Level 3” investments are valued using unobservable
inputs.  These unobservable inputs for “Level 3” investments reflect
the Partnership’s assumption about the assumptions market participants would use
in pricing the investments.  As of September 30, 2008, the Partnership
did not have any positions in “Level 3”.








18







The
following is a summary of the inputs used in valuing the Partnership’s assets
and liabilities at fair value:





Fair
      Value MeasurementsDescription
              
              Fair
      Value as of September 30, 2008
              
              
              Quoted
      Prices in Active Markets for Identical Assets (Level 1)
              
              
              Significant
      Other Observable Inputs (Level 2)
              
              
              Significant
      Other Unobservable Input (Level 3)Net
      unrealized trading gains on open futures contracts
              
              $
              8,740,852
              
              
              $
              8,740,852
              
              
              $
              -
              
              
              $
              -Net
      unrealized trading gains on open forward contracts
              
              
              389,088
              
              
              
              -
              
              
              
              389,088
              
              
              
              -Total
              
              $
              9,129,940
              
              
              $
              8,740,852
              
              
              $
              389,088
              
              
              $
              -





Valuation
of above positions are discussed in Note 2 of these financial
statements.








7.
            RECENT
      ACCOUNTING PRONOUNCEMENTS




Statement
of Financial Accounting Standards No. 161(“SFAS 161”),Disclosures about Derivative
Instruments and Hedging Activitieswas issued on March 19,
2008.  SFAS 161 expands the disclosures required by Statement of
Financial Accounting Standards No. 133, Accounting for Derivatives and
Hedging Activitiesabout an entity’s derivative instruments and hedging
activities.  SFAS 161 is effective for fiscal years and interim
periods beginning after November 15, 2008. The Partnership is currently
evaluating the provisions of SFAS 161 and their impact on the Partnership’s
financial statements.









19









ITEM
      2.
            Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations




Introduction




Reference
is made to Item 1, “Financial Statements.”  The information contained
therein is essential to, and should be read in conjunction with, the following
analysis.




Operational
Overview




Man-AHL
Diversified I L.P. (the “Partnership”) is a speculative managed futures fund
which trades through its investment in Man-AHL Diversified Trading Company L.P.
(the “Trading Company”) pursuant to the AHL Diversified Program, directed on
behalf of the Partnership by Man-AHL (USA) Limited.  The AHL
Diversified Program is a futures and forward price trend-following trading
system, entirely quantitative in nature, and implements trading positions on the
basis of statistical analyses of past price histories.  The AHL
Diversified Program is proprietary and confidential, so that substantially the
only information that can be furnished regarding the Partnership’s results of
operations is contained in the performance record of its
trading.  Past performance is not necessarily indicative of its
futures results.  Man Investments (USA) Corp., the general partner of
the Partnership (the “General Partner”) does believe, however, that there are
certain market conditions, for example, markets with pronounced price trends, in
which the Partnership has a greater likelihood of being profitable than in other
market environments.




Capital
Resources and Liquidity




Units may
be offered for sale as of the beginning, and may be redeemed as of the end, of
each month.




The
Partnership raises additional capital only through the sale of Units and capital
is increased through trading profits (if any) and interest
income.  The Partnership does not engage in borrowing.  The
Partnership, not being an operating company, does not incur capital
expenditures.  It functions solely as a passive trading vehicle,
investing the substantial majority of its assets in the Trading
Company.  Its remaining capital resources are used only as assets
available to make further investments in the Trading Company and pay Partnership
level expenses.  Accordingly, the amount of capital raised for the
Partnership should not have a significant impact on its operations.




Partnership
assets not invested in the Trading Company are maintained in cash and cash
equivalents in bank accounts or accounts with the JPMorgan Chase Bank, N.A. (the
“Broker”) and are readily available to the Partnership.  The
Partnership may redeem any part or all of its limited partnership interest in
the Trading Company at any month-end at the net asset value per unit of the
Trading Company.  The Trading Company’s assets are generally held as
cash or cash equivalents which are used to margin futures and forward contracts
and other over-the-counter contract positions and are withdrawn, as necessary,
to pay redemptions (to the Partnership and other investors in the Trading
Company).  Other than potential market-imposed limitations on
liquidity, due, for example, to limited open interest in certain futures markets
or to daily price fluctuation limits, which are inherent in the Trading
Company’s futures trading, the Trading Company’s assets are highly liquid and
are expected to remain so.




There
have been no material changes with respect to the Partnership’s critical
accounting policies, off-balance sheet arrangements or disclosure of contractual
obligations as reported in the Partnership’s Form 10 filed January 28, 2008 and
amended March 26, 2008.






20






Results
of Operations




Due to
the nature of the Partnership’s trading, the results of operations for the
interim period presented should not be considered indicative of the results that
may be expected for the entire year.




Periods Ended September 30,
2008:





30-Sep-08
              
              
              30-Jun-08
              
              
              31-Mar -08Ending
      Equity
              
              $
              162,663,046
              
              
              $
              120,905,168
              
              
              $
              89,361,244





Three
months ended September 30, 2008:





Net
assets increased $41,757,878 for the three months ended September 30,
2008.  This increase was attributable to subscriptions in the amount
of $59,372,518 redemptions in the amount of $1,743,697 and a net loss from
operations of $15,870,943.





Management
Fees of $1,127,974, brokerage commissions of $246,259 and servicing fees of
$393,316 were paid or accrued, and interest of $800,286 was earned or accrued on
the Partnership’s cash and cash equivalent investments, for the three months
ended September 30, 2008.




The
Partnership’s other expenses paid or accrued for the three months ended
September 30, 2008 were $102,081.




Nine
months ended September 30, 2008:





Net
assets increased $103,107,656 for the nine months ended September 30,
2008.  This amount represents subscriptions in the amount of
$115,503,154, redemptions in the amount of $9,395,158 and a net loss from
operations of $3,000,340.




Management
Fees of $2,544,812, Incentive Fees of $3,211,277, brokerage commissions of
$871,073 and servicing fees of $393,316 were paid or accrued, and interest of
$1,889,067 was earned or accrued on the Partnership’s cash and cash equivalent
investments, for the nine months ended September 30, 2008.




The
Partnership’s other expenses paid or accrued for the nine months ended September
30, 2008 were $226,774.




Three
months ended September 30, 2008:




The
reversal of several major trends and volatile market conditions contributed to
losses in this period.  Commodities suffered declines as the prospect
of weaker global economic growth raised concerns over future
demand.




Energy
trading produced losses early in the period, as long positions across a number
of markets suffered from a correction in prices.  Losses in energy
trading were caused by long positions in crude oil as prices fell 11.4% and
continued to decline in August.  Long positions in natural gas caused
losses in July, but short positions in natural gas led to improved performance
in August.  Short positions in crude oil and oil related products
reaped strong rewards in September as prices fell after Hurricane Ike shifted
its course away from the Gulf of Mexico.




Trading
in agriculturals resulted in losses in both July and August as positions in
corn, cocoa, wheat, coffee and soybeans incurred losses. In September, positions
cotton, wheat and corn proved particularly profitable.




Losses
were accrued by short UK Gilt trades in July and pessimism over the outlook for
the global economy boosted returns from the bond sector in August, particularly
for long positions in Japanese








21







bonds,
Australian bonds and UK Gilts.  In September, long positions in bonds
suffered after prices fluctuated and investors’ appetite for risk ebbed and
flowed over the month.




Currency
trading posted some gains early in the period through long Mexican peso and
Brazilian real positions against the US dollar, but these were offset by losses
from long positions in the euro versus the US Dollar and British pound and
Australian dollar versus the US Dollar.  The US Dollar rallied during
July and August amid positive corporate earnings and supportive comments from US
officials.  Short positions in various major currencies against the US
dollar detracted from returns in September.  The US currency weakened
mid-September on concerns over the longer-term consequences of the US Treasury’s
proposed financial bailout package.




Equity
markets were volatile over the period. After registering mixed performance in
July, equity markets advanced in August after positive earnings announcements
and then severely declined in September as the financial sector came under
pressure.  Short positions in various stock indices were profitable in
September as the FTSE 100, Nikkei and Hang Seng plunged over 13%.




Three
months ended June 30, 2008:




Trading
in oil and gas markets proved particularly profitable over the period, where
long positions in crude oil and natural gas drove gains. Crude oil surged to new
highs during the period and natural gas prices rose sharply amid increased
demand from the power sector.





Long
crude oil positions registered strong gains as West Texas Intermediate (“WTI”)
rose 11.7% in April. A record high of US $119.70 per barrel was reached on April
25, as a weakening US dollar, unexpected falls in US inventories and production
difficulties drove prices higher. Long positions in products derived from crude
oil, such as RBOB gasoline, heating oil and gas oil, also made gains as prices
rose sharply.  WTI sustained its rise in May. A new closing high above
US $132 per barrel was reached amid worries that demand would outstrip supply
within the next few years and on the back of robust demand from China ahead of
the Olympics. Meanwhile, OPEC continued to insist that there was no shortage of
supply in the market and that elevated prices were a consequence of US dollar
weakness and investor speculation. WTI hit fresh highs again in June as
geopolitical tensions and concerns about disruptions to output in Nigeria
intensified, overshadowing Saudi Arabia’s pledge to provide more crude
supplies.





Increasing
inflationary pressures and changing interest rate expectations proved beneficial
for bond and interest rate trading during the period as short positions in
Eurobonds and Euribor contributed to performance. Prices fell in June on
heightened speculation that the European Central Bank would lift interest rates
after eurozone inflation continued to rise. Profits were slightly offset,
however, by long positions in Asian equities and various equity indices as
markets came under pressure on fears over stagflation and falling confidence in
the financial and housing sectors.





The
period highlighted the increasingly difficult task facing the world’s central
banks. The need to balance the risks to growth and the risks of accelerating
inflation saw a continued divergence in monetary policy over the
month.  In April, the Bank of England and Federal Reserve took action
to protect growth, both lowering interest rates by 0.25%, while the European
Central Bank focused on controlling inflation and left base rates unchanged at
4%.  Both the Bank of England and European Central Bank left interest
rates unchanged over the months of May and June.





In
currency markets, the US dollar regained some ground early in the period as
investors speculated that the latest decrease in US interest rates may mark the
end of the current loosening cycle.  The general improvement in
sentiment witnessed during April gave strength to the US dollar, which rallied
against the euro and Japanese yen towards the end of April, negatively affecting
our currency positions.  May and June witnessed US dollar weakness and
investor speculation.  In May, the Australian dollar hit a 24-year
high against the US dollar on the back of surging commodity prices and
disappointing US consumer confidence figures, which resulted in gains from long
Australian dollar positions.








22









Equity
markets began to recover in April from the heavy declines they registered in the
first quarter with the S&P 500, FTSE 100 and Nikkei 225 ending up over 4%,
6% and 10%, respectively.  Global equity markets continued to trend
higher in May as encouraging economic data releases in the US bolstered investor
sentiment and dampened talks of a recession.  Global equities suffered
a sharp sell-off in June, however, with the financial sector driving losses,
after persistent speculation that further sub-prime related writedowns were
imminent. The FTSE 100 and S&P 500 lost around 7% and 9%, respectively,
while the MSCI Asia Pacific fell 8.8%. The slide in equities and gains in
commodities increased gold’s appeal, the precious metal rose 4.3% over the month
June.





Three
months ended March 31, 2008:




Equity
markets suffered heavy losses during the quarter as concerns over the health of
the financial system intensified and the outlook for the US economy
deteriorated.  January saw the largest declines with a number of
European and Asian indices registering double-digit monthly losses. Conditions
improved in February and March but equities continued to trend lower and markets
remained highly volatile.  The sharp sell-off in equity markets came
despite the Federal Reserve slashing its target funds rate from 4.25% to 2.25%
and central banks throughout the world injecting additional funds into money
markets to increase liquidity.  The Federal Reserve’s decision to cut
rates aggressively put further downward pressure on the dollar. The US currency
slumped to lifetime lows against the euro and Swiss franc and sank to a
multi-year low against the Japanese yen.  The weakness of the US
dollar sent commodity prices sharply higher. Oil rose to a series of lifetime
highs, spending most of the second half of the quarter above US $100 per barrel,
while gold, base metal and agricultural prices also climbed to record
highs.




Trading
within agricultural markets made gains across the majority of contracts, with
corn trading providing the largest contribution. Soy-based products rose to
record highs during February on speculation that increased Chinese demand would
cut into US inventories, although March saw a retraction in prices, paring
earlier gains from long positions. Prices in soybean oil declined as Chinese
importers surprisingly cancelled an order and US farmers stated that a greater
proportion of land would be allocated to soy products in the
near-term.




Bond
trading accrued profits as Japanese bonds and US Treasuries led the way.
Disappointing US economic data saw investors switching out of riskier asset
classes and into government paper; sending the 2-year US Treasury yield from
3.05% on December 31, 2007 to 1.34% by mid-March. Long positions in Japanese
bonds also proved beneficial on increased speculation that the Bank of Japan
would cut interest rates to boost economic growth. However, gains were slightly
offset by short positions in Australian bonds as investors became concerned over
the impact of the credit crunch on economic growth.




Currency
trading contributed excellently during the period. The quarter saw the US dollar
continue to weaken against most major currencies due to ongoing concerns
regarding the credit crisis and the US housing market. As a result, long
positions in various currencies, in particular the Swiss franc, against the US
dollar proved highly beneficial. March witnessed the euro hitting a record high
of US $1.5846, as the European Central Bank (“ECB”) showed no indication of
cutting interest rates in the near future.




Energy
delivered a solid profit for the quarter as a weakening US dollar and increased
demand supported price rises. Long positions in crude oil were beneficial
despite the commodity sliding below US $90 at the beginning of the period.
However, concerns that OPEC may cut production levels and a disruption to oil
production in Nigeria sent prices higher, closing at a record high of US $110.33
per barrel on March 13. Distillate products such as gas oil and heating oil
followed the upward trend of crude, accruing strong profits via our long
positions.




Precious
metals trading made a solid profit as long positions in gold, silver and
platinum made gains.  Gold rocketed upwards during the start of the
period, eventually climbing above the US $1000 mark in








23









mid-March.
Elevated global inflation, a deteriorating US economy and a weak US dollar all
supported the rise in gold, silver and platinum. In the base metals component,
positive trading in copper offset losses from aluminum.




Trading
in short-term interest rates posted a firm gain over the first quarter despite
market volatility.  Long positions in Eurodollar and Euribor contracts
posted the largest part of gains as investors bet on rate reductions in the US
and Europe as turmoil swept through global markets. However, these earlier gains
were reduced as hawkish rhetoric from the ECB indicated that interest rates for
the eurozone would remain stable in the near-term.




Stock
market trading posted a gain over the quarter, with short positions in the
Nikkei, TOPIX and S&P 500 proving particularly fruitful. Serious concerns
over the US economy prompted a large scale investor switch out of equities, with
rapidly falling Asian markets reversing some of the gains accrued in 2007. Short
exposure to European markets such as the Euro Stoxx, CAC40 and Dax also
contributed to gains. However, some profits were reversed as the Federal Reserve
intervened to calm markets with a 75bps federal funds rate cut, sending indices
higher at the end of March.




Periods Ended September 30,
2007:





30-Sep-07
              
              
              30-Jun-07
              
              
              31-Mar -07Ending
      Equity
              
              $
              52,013,081
              
              
              $
              44,438,918
              
              
              $
              34,357,473





Three
months ended September 30, 2007:





Net
assets increased $7,574,163 for the three months ended September 30,
2007.  This increase was attributable to subscriptions in the amount
of $8,444,498, redemptions in the amount of $1,070,405 and a net gain from
operations of $200,070.




Management
Fees of $373,575, Incentive Fees of $50,017 and brokerage commissions of
$349,809 were paid or accrued, and interest of $503,011 was earned or accrued on
the Partnership’s cash and cash equivalent investments, for the three months
ended September 30, 2007.




The
Partnership’s other expenses paid or accrued for the three months ended
September 30, 2007 were $26,372.




Nine
months ended September 30, 2007:




Net
assets increased $22,539,716 for the nine months ended September 30,
2007.  This amount represents subscriptions in the amount of
$22,783,159, redemptions in the amount of $3,560,563 and a net gain from
operations of $3,317,120.




Management
Fees of $946,939, Incentive Fees of $791,963 and brokerage commissions of
$1,003,776 were paid or accrued, and interest of $1,254,332 was earned or
accrued on the Partnership’s cash and cash equivalent investments, for the nine
months ended September 30, 2007.




The
Partnership’s other expenses paid or accrued for the three months ended
September 30, 2007 were $57,597.








24








Three
months ended September 30, 2007:




Equities
fell sharply in July as concerns intensified over the sub-prime mortgage sector
and credit markets more generally.  The FSTE 100 suffered its largest
weekly decline in over four years, while the S&P 500, Nikkei 225 and Dax
also suffered heavy losses.  The MSCI World finished lower for a
second successive month in July, prompting speculation that the five-year equity
rally may be drawing to a close. Equity markets declined sharply in August due
to an unprecedented lack of liquidity in individual stocks as investor sold off
liquid assets to meet financial obligations elsewhere.




A number
of central banks, including the Federal Reserve, the ECB and Bank of Japan,
intervened in August to provide liquidity in money markets and limit damage to
the economy.  That eventually led to a very significant rebound for
markets in the US and most major markets.  Equity markets continued to
rise over the month of September.




The US
Dollar and the Japanese yen closed higher against many major currencies in
August after gaining sharply as carry trades unwound in mid-August before losing
ground.  Currency trading was profitable in September, particularly
trades in the euro and Canadian dollar against the US
dollar.  Positions in various currencies against the US dollar were
particularly successful in September due to the dollar’s continued depreciation,
weighed by greater growth risks and prospects of further interest rate
cuts.




Trading
in energy markets contributed positively to returns in the beginning of the
period but did not offset early losses incurred from the bond, stock, currency,
interest rate and agricultural markets.  Performance in July was
driven by long crude oil and short natural gas positions.  Crude oil
prices moved up, benefiting long positions over the majority of July, spurred by
supply concerns amid reduced shipment from Angola, unrest in Nigeria’s oil
industry and refinery faults in the US.  Long positions in crude oil
suffered in August and scaled back to limit exposure.  In September,
commodity trading was profitable, particularly in crude oil, gold and wheat
products as strong trending behavior materialized.  Crude oil reached
a record high in September on the back of dwindling supplies, the threat of a
potential tropical storm in the Gulf of Mexico and renewed violence in
Nigeria.




Three
months ended June 30, 2007:




Significant
profits from trading in bond, interest rates, stocks and currencies markets
drove gains over the period, while positions in metal, energy and agricultural
sectors posted losses.




Currency
trading proved to be the major force behind April’s profits, as currency markets
saw the British pound rise above the US $2 mark for the first time in fifteen
years after a sharp rise In UK Inflation.  The euro also broke
records, reaching its highest ever level against the US dollar on mounting
concerns over the US economy and data indicated that German business confidence
remained elevated in April. The European single currency also hit another
all-time high against the Japanese yen. Support weakened for the Asian currency
as the Bank of Japan slashed its inflation forecast to almost zero and kept
interest rates unchanged at 0.5%.  Currency trading also made strong
gains in June.  Profits were led by short positions in the Japanese
yen against the US dollar as the yen fuelled carry trade continued to reap
rewards.  The Bank of Japan kept interest rates at 0.5%, and despite
assurances that increases will still be made, contrary to the current
deflationary period, analysts do not see a tightening of yields between Japan
and the US in the short-term.  The Australian dollar appreciated
against the US dollar as unexpectedly good employment data caused investors to
price in a further interest rate rise from the current level of 6.25%.
Unemployment fell from 4.4% in April to May’s 4.2% figure, increasing
expectations of interest rate rises and demand for the nation’s high-yielding
assets.  In June, the Japanese yen fell to multi-year lows against the
US dollar, British pound and other high-yielding currencies.




Bond
trading produced a significant return during the period, driven by short
positions in US treasuries and Euro bonds.  Renewed optimism for the
US economy drove US treasuries lower in May after strong manufacturing and
payroll data prompted speculation that interest rates would be left on hold for
the rest








25






of the
year.  Euro bonds also fell in May as German consumer confidence rose
boosted by positive corporate sentiment.  Further positive
contributions came from trades in UK Gilts and Euro BOBL.




Government
bond markets endured a turbulent beginning to June as yields rose
sharply.  The 10-year US Treasury yield surged above 5.2% as a raft of
strong economic data dashed hopes of an early interest rate cut in the US. In
Europe, the European Central Bank raised rates to a six-year high of 4%, while
expectations mounted that rates would continue to rise in the
UK.  Gains in June were attributable to short positions in US
treasuries and Australian bonds.




Within
interest rate markets, positions in Euribor, Eurodollar and short Sterling
accounted for the majority of profits during the period.  Short
Euribor posted the greatest gains as prices slid in May as strong eurozone data
on manufacturing, employment, business and investor confidence and M3 money
supply prompted the European Central Bank to pave the way for future interest
rate increases.  Short Eurodollar posted strong gains as markets reassessed
their outlook for US rates. A combination of robust data from the housing market
and inflationary pressures remaining above the Fed’s preferred range caused
investors to scale back their expectations of an interest rate cut. Short
Sterling positions proved well placed as the Bank of England raised rates to
5.5% and few were willing to rule out future near term increases.




Central
bank activity during the period saw the Bank of England raise interest rates by
0.25% to 5.5%, their highest level since 2001. While in Europe and the US,
upbeat data releases led to speculation that the European Central Bank would
raise rates and that the US Federal Reserve would hold rates steady for the
duration of the year.




Solid
gains were accrued from the stock index sector as equity markets rose strongly
over the first half of April.  Long positions in major European
bourses such as the DAX 30, Euro Stoxx and CAG 40 proved profitable as M&A
activity drove indices upwards. On the downside, Japanese indices slightly
offset gains through long positions in the Topix and Nikkei 225. Concerns over
the US economy affected both as Japanese exporters with a strong US client base
suffered heavily, in particular, the technology and automobiles
sectors.  After China’s economy expanded at a faster-than-expected
rate in the first quarter of 2007, the period saw expectations that the
government may raise interest rates to prevent overheating.  This
caused China’s stocks to fall before recovering to end up in April. Global
equity markets generally rose in April and May.  In April, the S&P
500 hit a new six-year high and the Dow Jones broke through 13000 for the first
time.  The S&P 500 and the Dow Jones reached new highs again in
May. The Chinese Shanghai composite index broke through the 4000 barrier for the
first time in its history in May before falling back due to stamp duty
increases.




Three
months ended March 31, 2007:




At the
start of the year, equity markets trended upward, particularly in the US, with
the Dow Jones hitting a series of fresh highs as optimism grew over the Fed’s
ability to engineer a soft landing.  Towards the end of February, a
sharp fall in Chinese equities triggered a dramatic sell-off in world equity
markets as concerns mounted over the unwinding of the yen carry trade and the
health of the US economy.  World stocks suffered a tumultuous period
in March as concerns over the US sub-prime mortgage sector weighed on investor
sentiment and hopes faded of a near-term cut in US interest rates.  In
currency markets, the US dollar fell to a two-year low against the euro in March
as the US economic outlook deteriorated.  In January, the Bank of
Japan unexpectedly left interest rates on hold at 0.25%, causing the yen to
slide to a four-year low against the US dollar.  However, at the end
of February and in early March, increased risk aversion prompted investors to
unwind carry trades, resulting in the Japanese currency surging against
high-yielding currencies.  The Japanese yen appreciated against the US
dollar over the quarter.  Crude oil prices ended higher over the first
quarter.  The West Texas Intermediate fell briefly below US $50 in
January.  However, oil prices rebounded after President George W. Bush
announced in his State of Union address that the US government would double the
country’s Strategic Petroleum Reserves.  Oil prices rallied further to
a six-month high in late March as concerns grew over the diplomatic stand-off
between Britain and Iran.








26








Performance
from the agriculturals sector was positive over the period.  The
largest contribution came from long soybean positions in February, after prices
reached US $7.91 a bushel, the highest since 2004 and up 7.5% over the
month.  Long positions in corn, however, proved particularly
disadvantageous after prices retreated in March as increased risk aversion
prompted investors to reduce exposure.




The bond
sector posted a loss in the first quarter, despite a solid performance witnessed
in January.  Trading in UK Gilts made the greatest contribution to
profits over the period, with gains in January as short positions benefited from
the Bank of England’s shock interest rate hike.  However, losses were
suffered from short positions in US Treasuries as concerns over a global
slowdown mounted in February and investors sold stocks for the safe haven of
government bonds.  Similarly, short positions in UK Euro bund
contracts were affected by this concern.




The
currency sector struggled to make headway in the first quarter.  Long
positions in the Australian dollar against the US dollar profited as risk
appetite returned in March.  Traders bought into the high-yielding
Australian currency as part of their carry trade positions.  However,
losses incurred from the long positions in the British pound against the US
dollar undermined overall returns.




The
energy sector sustained a modest loss during the first
quarter.  Natural gas was the largest detractor from performance while
RBOB gasoline and crude oil contributed positive results.  At the
start of the quarter, short positions in natural gas proved detrimental after a
sharp increase in demand for heating and weather concerns spurred natural gas
prices higher.




The
metals complex posted a slight gain over the period. Long positions in nickel,
gold and lead contributed gains, while zinc, aluminum and silver trades held
back performance.  Nickel prices rose over the majority of the period,
reaching a record high in mid March against a backdrop of both robust levels of
demand and low inventories.  However, exposure to zinc detracted from
performance, particularly in January, after prices fell on rising inventory
levels and news that Dow Jones will reduce the metals weighting in its Commodity
Index.




Trading
within short-term interest rate markets detracted slightly from the overall
performance of the program.  The greatest contribution to profits came
from well placed short sterling contracts in January as the Bank of England
raised interest rates.  However, interest rate trading proved less
successful in February and March after short positions in Eurodollar and Euribor
contracts suffered.  In the US, after maintaining interest rates at
5.25%, Ben Bernanke, the chairman of the Federal Reserve, stated that there are
some indications inflation pressures are beginning to diminish, while housing
data caused concern among investors and sent Eurodollar prices up.




Trading
within the stock sector incurred losses.  A sharp sell-off in equities
at the end of February resulted in losses across most global equity indices,
with positions in S&P 500, NASDAQ and Hang Seng adversely
affected.  The main detractors over the quarter included long
positions in Nikkei 225 and TOPIX indices, the former dropping -3.3% in a single
day in March, as concerns over the unwinding of the yen carry trade prompted
heavy selling in equities.  Long positions in the Australian SPI200
Index and South African All Index, however, gained solid profits.




ITEM
3.                      Quantitative
and Qualitative Disclosures About Market Risk




Not
applicable.




ITEM
4.                      Controls
and Procedures




The
General Partner, with the participation of the General Partner’s principal
executive officer and principal financial officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to the Partnership as of the end of the fiscal quarter
for which this Quarterly Report on Form 10-Q is being filed.








27






During
the quarter ended June 30, 2008, a material weakness related to the design of
the controls surrounding price verification for investments was
detected.  As a result, our accounting conclusions related to the fair
value of investments could have been materially affected.  Management
has begun remediation efforts to address this material weakness.




As a
result of the material weakness described above, the General Partner, with the
participation of the principal executive officer and principal financial
officer, has concluded that the disclosure controls and procedures in place as
of September 30, 2008 were ineffective.




Other
than as described above, there were no significant changes in the General
Partner’s internal controls with respect to the Partnership or in other factors
applicable to the Partnership that could significantly affect these controls
subsequent to the date of their evaluation.




ITEM
4T.                      Controls
and Procedures




Not
applicable.




PART II - OTHER
INFORMATION




Item
1.                      Legal
Proceedings.




None.




Item
1A. Risk Factors




Not
applicable.




Item
2.                      Unregistered
Sales of Equity Securities and Use of Proceeds.




(a)           Pursuant
to the Partnership’s Limited Partnership Agreement, the Partnership may sell
Units of Limited Partnership Interests (“Units”) as of the last business day of
any calendar month or at such other times as the General Partner may
determine.  On July 31, 2008, August 31, 2008 and September 30, 2008,
the Partnership sold Class A Units, exclusive of non-cash transfers, to existing
and new Limited Partners in the amount of $14,879,872, $10,395,368 and
$8,923,900,respectively.  On July 31, 2008, August 31, 2008 and September
30, 2008, the Partnership sold Class B Units, exclusive of non-cash transfers,
to existing and new Limited Partners in the amount of $5,580,840, $2,439,802 and
$2,019,860,respectively.  There were no underwriting discounts or
commissions in connection with the sales of the Units described
above.




(b)           Not
applicable.




(c)           Pursuant
to the Partnership’s Limited Partnership Agreement, a Limited Partner may redeem
some or all of its Units as of the last business day of each calendar month at
the then current month-end Net Asset Value.  The redemption of Units
has no impact on the value of Units that remain outstanding, and Units are not
reissued once redeemed.  The following table summarizes the amount of
Units redeemed, exclusive of non-cash transfers, during the three months ended
September 30, 2008:




Class A Units
                                          
                                          
                                          Class B UnitsDate of Redemption:
                                          
                                          Amount Redeemed:
                                          
                                          
                                          Amount Redeemed:July
      31, 2008
                                          
                                          $
                                          842,172
                                          
                                          
                                          
                                          --August
      31, 2008
                                          
                                          $
                                          544,243
                                          
                                          
                                          $
                                          30,000September
      30, 2008
                                          
                                          $
                                          90,315
                                          
                                          
                                          
                                          --TOTAL
                                          
                                          $
                                          1,476,730
                                          
                                          
                                          $
                                          30,000










28







Item
3.                      Defaults
upon Senior Securities.




None.




Item
4.                      Submissions
of Matters to a Vote of Security Holders.




None




Item
5.                      Other
Information.




None




Item
6.                      Exhibits.




The
following exhibits are included herewith:




Designation
              Description31.1
              Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer31.2
              Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer32.1
              Section
      1350 Certification of Principal Executive Officer32.2
              Section
      1350 Certification of Principal Financial
  Officer





The
following exhibits are incorporated by reference herein from the exhibits of the
same description and number filed on January 28, 2008 with the Partnership’s
Registration Statement on Form 10 (Reg. No. 000-53043).




3.1
            Certificate
      of Limited Partnership of Man-AHL Diversified I L.P.4.1
            Third
      Amended Limited Partnership Agreement of Man-AHL Diversified I
      L.P.10.1
            Form
      of Customer Agreement between E D & F Man International Inc. and
      Man-AHL Diversified Trading Company L.P.10.2
            Form
      of Trading Advisor Agreement between Man-AHL Diversified I L.P., Man
      Investments (USA) Corp. and Man-AHL (USA) Limited.10.3
            Form
      of Selling Agreement between Man Investments (USA) Corp. and Man
      Investments Inc.















29




SIGNATURES




Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized on November 13, 2008.




Man-AHL
      Diversified I L.P.RegistrantBy:
              Man
      Investments (USA) Corp.General
      PartnerBy:
              /s/
      Uwe EberlePresident
      and Chief Executive Officer(Principal
      Executive Officer)By:
              /s/
      Rhowena BlankVice
      President and Head of Accounting and Operations(Principal
      Financial and Chief Accounting
Officer)










30








EXHIBIT
INDEX




Exhibit
Number                   Description of
Document




31.1
            Rule
      13a-14(a)/15d-14(a) Certification of Principal Executive
      Officer31.2
            Rule
      13a-14(a)/15d-14(a) Certification of Principal Financial
      Officer32.1
            Section
      1350 Certification of Principal Executive Officer32.2
            Section
      1350 Certification of Principal Financial Officer